Common questions relating to King's Cross leasehold conveyancing
I am on look out for some leasehold conveyancing in King's Cross. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and almost all are in King's Cross - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I’m about to sell my basement flat in King's Cross.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – Do I pay up?
It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a couple of maisonettes in King's Cross both have in the region of 50 years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in King's Cross. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
Can you offer any advice when it comes to finding a King's Cross conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a King's Cross conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non King's Cross conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then what is the reason?
All being well we will complete the disposal of our £300000 maisonette in King's Cross in 10 days. The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in King's Cross?
King's Cross conveyancing on leasehold maisonettes nine out of ten times necessitates fees being raised by managing agents :
- Completing pre-contract enquiries
- Where consent is required before sale in King's Cross
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the leaseholder of a garden flat in King's Cross. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to assess the premium.
An example of a Lease Extension matter before the tribunal for a King's Cross flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The the number of years remaining on the existing lease(s) was 66.8 years.